SolarCity reports narrower quarterly loss but tweaks Q3 forecast
SolarCity Corp. shares fell late Tuesday after the solar-power installer reported a narrower-than-expected second-quarter loss and sales came in above forecast, but cut third-quarter expectations. SolarCity reported a net loss of $250 million in the second quarter, compared with $156 million in the year-ago quarter. Adjusted for one-time losses, SolarCity lost $2.32 a share in the quarter. Revenue hit $186 million, up 81% year-over-year from $103 million a year ago. Analysts polled by FactSet had expected the solar-power installer to report a loss of $2.47 a share on sales of $143.3 million. The company forecast an adjusted loss between $2.55 a share and $2.65 a share for the third quarter; the analysts surveyed by FactSet expect a loss of $2.47 a share. Tesla Motors Inc. has proposed to buy SolarCity, and the two companies cleared a hurdle last week, valuing the proposed deal at $2.6 billion, subject to regulatory and shareholder approval. SolarCity shares fell 0.5% after ending the regular trading session up 1%.
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